Canada February Home Resales Fall 1.5%, Group Says (Update1) – BusinessWeek


Canada February Home Resales Fall 1.5%, Group Says (Update1)

March 15, 2010, 10:42 AM EDT

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By Alexandre Deslongchamps

March 15 (Bloomberg) — Canadian home resales fell 1.5 percent to 42,799 units in February, the second straight decline, the Canadian Real Estate Association said today.

The drop was most pronounced in Vancouver and the group said the Olympic Games may have had an effect on sales, according to a statement posted on its Web site. The average resale price rose 18 percent from a year ago to C$335,655 ($329,330), CREA also said.

“Housing markets are becoming more balanced,” CREA Chief Economist Gregory Klump said in the release. “Further expected supply increases will continue to take the steam out of housing markets as the year progresses.”

Canada’s mortgage rates are close to the lowest since the Korean War, spurring home sales and prices as the country emerges from a recession. Housing starts rose to the highest since October 2008 in February, and the government-owned Canadian Mortgage and Housing Corp. predicted on March 2 housing starts will rise this year and next.

The total number of homes for sale fell 15 percent from a year ago to 188,334 units in February, even after 73,849 units were put on the market last month — the most since October 2008. There were enough homes on the market in February to cover sales for 4.7 months, up from January’s 4.5 months.

Posted via web from Toronto Real Estate News | Blog

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Dear Readers, I am a dedicated Toronto, Ontario based real estate professional who has been successfully meeting and exceeding the needs of his clients for past several years. I am actively involved in the insurance, financing, and mortgage industry. Real estate is not only my career – it is my passion. I strive to continuously provide my clients with exceptional service to ensure they are fully satisfied when it comes to their real estate needs. For any real estate related inquires contact me today, I will be happy to assist you. Best wishes, Tariq Sultan

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